Smart Money, Made Simple Navigating Your Financial Future Doesn't Have to be a Headache If your parents’ portfolio is stuffed with bonds and yours is riding the crypto rollercoaster… guess who’s grinning like your awkward uncle Jimmy as he helps himself to another giant serving of mashed potatoes this Thanksgiving? The IRS. Why? Because when family portfolios don’t coordinate, you end up serving Uncle Sam the biggest slice of pie—while your own plate looks suspiciously light. Bless your...
2 days ago • 1 min read
Smart Money, Made Simple Navigating Your Financial Future Doesn't Have to be a Headache Adding your name to your parents’ house sounds smart, right? Like, what could possibly go wrong? Oh, just little things like capital gains tax, gift tax, and Medicaid penalties. You know… the fun stuff. Here’s how to keep the family home from turning into a financial horror story: 🏡 Revocable Trust Keeps the house out of probate and under control—without waking the IRS. 📑 TOD Deed (Transfer on Death) Fast,...
23 days ago • 1 min read
Smart Money, Made Simple Navigating Your Financial Future Doesn't Have to be a Headache Hey there,Here’s something you don’t hear every day: long-term care costs can sometimes be tax-deductible. No, really! If you’re helping your parents with elder care, assisted living, or medical appointments, there’s a chance Uncle Sam might actually give you a little relief—if you know how to ask. What counts? Memory care In-home caregivers Assisted living (when it’s for medical need) Even mileage to...
2 months ago • 1 min read
Smart Money, Made Simple Navigating Your Financial Future Doesn't Have to be a Headache You don’t need a Rockefeller-sized yacht to need a trust. A regular ol’ family home will do the trick! If your parents own a house, have property out of state, or want to avoid turning their estate into a courtroom drama, a revocable living trust is a no-brainer. Here’s why: Without a trust or named beneficiary, assets titled solely in your parent’s name go through probate. With a trust? Assets pass...
3 months ago • 1 min read
Navigating Your Financial Future Doesn't Have to be a Headache! Hey Reader, Let’s be honest: most families aren’t totally sure if their financial plan is complete. You might have a will... somewhere. You might have 401ks... scattered across 3 firms. And when it comes to taxes, investing, and retirement planning? Let’s just say the phrase “we should really deal with that” comes up a lot. Enter: The Life Audit It’s a short-term, flat-fee planning engagement designed for families who want a...
3 months ago • 1 min read
Welcome to the Fun Side of Finance! Navigating Your Financial Future Doesn't Have to be a Headache Hey there, What’s worse than a messy family drama? A messy beneficiary form, because unlike your parents, the IRS’s feelings for you are very conditional. Picture this: that 401(k) from 20 years ago that still lists Dad’s ex-wife as the beneficiary. Guess who gets the money? Yep. The ex. And no, you don’t even get to send the IRS a strongly worded text. It’s automatic. The will won’t save you....
4 months ago • 1 min read
Navigating Your Financial Future Doesn't Have to be a Headache Hey Reader, I’m so glad you’re sticking with me on this journey to smarter financial planning! Today I’m pulling back the curtain to give you a glimpse into who I am—and the amazing team at Formula Wealth. Who the Heck is Holmes? You may be asking yourself, who’s the guy behind these emails? That’s me—Chad Holmes! I’m the guy who created Formula Wealth with a specific mission to help families be smart about transferring all levels...
4 months ago • 2 min read
Welcome to the Fun Side of Finance! Navigating Your Financial Future Doesn't Have to be a Headache Let’s talk about you—specifically, how you can avoid the most common and costly estate planning mistakes I see ALL. THE. TIME . Whether you’re planning for your parents, yourself, or both, these missteps can cause unnecessary taxes, confusion, and—let’s be honest—more family drama than a Thanksgiving dinner where Aunt Martha took it upon herself to make cauliflower mash instead of the real deal....
4 months ago • 1 min read
Navigating Your Financial Future Doesn't Have to be a Headache Want a sneak peek of what to expect? Check out my Sassy St. Peter video! --> Hello Reader, Talking about money with family can be… an experience. Somewhere between assembling IKEA furniture and explaining technology to your parents. But here’s the thing—having a solid plan in place now can save you (and them) from a lot of stress later.I’m Chad Holmes, founder of Formula Wealth and author of The Inheritance Playbook: Helping Your...
5 months ago • 1 min read